PennantPark Investment (NASDAQ:PNNT) Rating Increased to Neutral at Compass Point

Compass Point upgraded shares of PennantPark Investment (NASDAQ:PNNT) from a sell rating to a neutral rating in a report issued on Wednesday, MarketBeat.com reports. Compass Point currently has $5.50 price objective on the asset manager’s stock, down from their previous price objective of $5.75.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a research report on Wednesday, November 26th. Truist Financial dropped their target price on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods cut their target price on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a research report on Wednesday, November 26th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $5.88.

PennantPark Investment Stock Performance

PNNT opened at $5.75 on Wednesday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The company’s fifty day moving average price is $6.41 and its two-hundred day moving average price is $6.80. PennantPark Investment has a 1-year low of $5.66 and a 1-year high of $7.53. The company has a market cap of $375.13 million, a price-to-earnings ratio of 22.10 and a beta of 0.62.

PennantPark Investment Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a dividend yield of 16.7%. The ex-dividend date of this dividend is Monday, December 15th. PennantPark Investment’s dividend payout ratio (DPR) is presently 192.00%.

Insider Buying and Selling

In other PennantPark Investment news, Director Jeffrey Flug sold 21,100 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $6.04, for a total value of $127,444.00. Following the transaction, the director owned 207,218 shares of the company’s stock, valued at approximately $1,251,596.72. The trade was a 9.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 61,100 shares of company stock worth $369,094 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

A number of hedge funds have recently made changes to their positions in PNNT. EverSource Wealth Advisors LLC boosted its holdings in shares of PennantPark Investment by 100.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after buying an additional 1,853 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in PennantPark Investment in the third quarter worth about $32,000. Quarry LP purchased a new position in PennantPark Investment in the first quarter valued at about $34,000. First Horizon Advisors Inc. purchased a new position in PennantPark Investment in the second quarter valued at about $35,000. Finally, Advisory Services Network LLC bought a new position in shares of PennantPark Investment during the 3rd quarter valued at approximately $38,000. 26.62% of the stock is currently owned by institutional investors.

PennantPark Investment Company Profile

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.